NEW YORK (Reuters) - Stocks jumped on Thursday after news major central banks are preparing coordinated action if the results of Greek elections this weekend lead to turmoil in financial markets. The central banks from major economies will take steps to stabilize markets and prevent a credit squeeze if necessary, Group of 20 officials told Reuters.

FKLI overall outlook : Upside bias, but gains will likely be limited as investors remain cautious ahead of weekend Greek election. The KLCI is likely to head towards 1575 with strong resistance at the week's high of 1582.29, though analysts say investors should be cautious of volatility due to the expected low trading volume in the market.

SINGAPORE, June 14 (Reuters) - Malaysian palm oil futures slumped to their lowest in 2012 on Thursday as the euro zone debt crisis and sluggish U.S. growth triggered a flight of capital from riskier assets.

FCPO overall outlook : Downside bias, although fundamentals remain quite encouraging due to higher demand and lower stocks. Malaysia's palm oil exports in the first 15 days of June rose 20% from a month earlier to 716,322 metric tons, cargo surveyor Intertek AgriServices said Friday. This is due to increased buying ahead of the Muslim fasting month, which could limit price decline. Strong demand vs cautious investors may lead to CPO trading in a narrow range between MYR2,830-MYR2,885/ton. However, since the global economy outlook is still dominating at the moment, there is a possibility that  CPO could dip further to MYR2,700/ton as people could set up more shorts ahead of th (Greek) election.

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FKLI and FCPO rose on Monday after euro zone finance ministers agreed on a rescue package for Spain's struggling banks.

FKLI opened at 1584 and peaked at 1591.5 but has since been ranging between 1579 and 1583.

Malaysian palm oil exports for the first 10 days of June fell 6.6 percent, going against traders' expectation of a stronger demand ahead of the Muslim fasting month starting in mid-July. Industry insiders are surprised but are still confident of real demand coming in the later part in June.

On the technicals front, palm oil faces resistance at RM3,038 per tonne, said Reuters market analyst Wang Tao.

European stock futures and Asian shares fell, the euro weakened and oil headed for the longest weekly losing streak in 13 years after Federal Reserve Chairman Ben S. Bernanke damped expectations for monetary stimulus and German exports dropped. (Bloomberg)

There are more bearish news than bullish ones affecting the market today.

Firstly, Dow Jones dropped  -160.83 points as the US Treasury 10-year yield slid to a record while American home sales declined ;

Secondly, the Euro weakened to a two-year low as Spain struggled to recapitalize its banks while concern grew about Greece's future in the euro.

FKLI may see a significant drop today as it is also due for technical correction from yesterday's uptrend.

25th May 2012 ; 6pm


FCPO July opened at 3072. Highest at 3151. Lowest at 3044. Closed at 3130.

FCPO is currently on uptrend.

FCPO ended higher on Thursday on bargain hunting following the big drop on Wednesday, although gains were curbed by continued fear over the euro zone crisis. The uncertainty surrounding the debt crisis dragged palm oil down to its lowest in 2012 while August FCPO touched a five-month low of 2,993 on Wednesday, a level not seen since December 19. Locally, demand is still strong due to rising export data and the upcoming Muslim fasting month. As such, FCPO may continue to rebound and is expected to sustain around 3200 for the next 2 months.

Opportunity to long at 3044 and take profit at 3147 ( 103 points x RM25 = RM2575)

17th May 2012 ; 4pm


FKLI  opened at 1527. Highest at 1546. Lowest at 1527.
Currently trending down.
Opportunity to short at 1546 and take profit at 1536.5 ( 9.5 points x RM50 = RM475)